Voltas Ltd, an engineering projects company of Tatas, has joined hands with Singapore-based Dow Chemical Pacific Pte Ltd, a member of Dow Group, to form a joint venture in India, as per a stock market disclosure.
This will be a 50:50 joint venture and will be named as Voltas Water Solutions Pvt Ltd. The firm will tap the growing water and wastewater treatment market and distribute packaged water and wastewater treatment systems to residential and commercial complexes and industrial markets in India. It will provide a branded and differentiated product line with a focus on quality and service delivery.
Its operations would include designing, procuring, testing, marketing, selling and servicing of water treatment systems.
"As part of our long-term strategy, we intend to establish the JV, to fully exploit the untapped potential of the Indian market. This is a significant step towards strengthening our position in mid-market water systems in India," said Snehal Desai, global business leader for the water and process solutions division of Dow Group.
Established in 1992, Dow Chemical Pacific operates specialty chemical, advanced materials, agro-sciences and plastic businesses, and caters to its customers in Asia Pacific.
"The partnership will help Voltas Water Solutions cater to the growing water treatment requirements of the Indian sub-continent. The partnership will leverage the brand and distribution strength of Voltas, along with the technology process of the water and process solutions division of the Dow Group," said Sanjay Johri, MD of Voltas.
Founded in 1954, Voltas offers engineering solutions in heating, ventilation and air conditioning, refrigeration, electro-mechanical projects, textile machinery, mining and construction equipment, water management & treatment, cold chain solutions, building management systems and indoor air quality.
(Edited by Joby Puthuparampil Johnson)